“Banks will have more flexibility in offering mortgages, so this should help drive end-user demand. The People’s Bank of China surprised markets with a cut in benchmark official interest rates late on Thursday, the second time it has cut rates in less than a month. The benchmark Straits Times Index was down 0.4 percent. Shares of property developers with exposure to China such as CapitaLand Ltd and Yanlord Land Group Ltd rose, bucking the broader market trend, on expectations that China’s rate cut could boost their earnings.īy 0343 GMT, CapitaLand shares were up 2.1 percent at S$2.96, with over 16 million shares changing hands, making it the most actively traded stock by value.
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